The South Florida housing market is not plain sailing but it has definitely encountered some major improvements in recent months. Indeed, according to a recent Freddie Mac report, the area has been described as “one of the most-improved metro areas in the nation.” As well, the Multi-Indicator Market Index from August showed that the region had an increase of 11.43 percent from last year, putting their score at 69.2 percent today.
In addition, there has been a significant reduction in the amount of underwater mortgages, especially in Palm Beach and Broward. This could be due to the double digit price increase over the last year which has also helped the market come back from the housing crisis. As well, both these counties encountered increases in mortgaged homes with 50 percent equity or more. Prices are leveling off now, so the trend may not continue at such an increased rate.
Still, even with this data, it seems that there is an issue of housing in the region. According to Sweat Records owner, Lauren ‘Lolo’ Reskin, “what is going to continue to be one of the biggest factors is South Florida’s shortage of affordable housing.” This was written in an article on the talent and skills of many of those living in the region.